Sweden-based furniture company Ikea has launched an incubator program in conjunction with global startup network Rainmaking.
Ikea Bootcamp will offer a grant of €20,000 ($22,000) to 10 companies to develop their product. However, Ikea will not be taking equity in any of the startups.
Participants will also receive free housing in Sweden during the course of the program, which will run from September 18 to December 8 2017.
The startups must meet three objectives: affordability, accessibility and making a positive contribution to the planet and society.
They will work in a coworking space in Ikea’s Range & Supply Democratic Design centre in Almhult, Sweden, alongside teams from both organisations.
The program will give the startups access to Ikea’s prototype shop and test labs, while introducing them to engineers, creatives, chain supply experts and a global network of mentors and experts.
Alex Farcet, partner at Rainmaking, said: “We believe that the Ikea scale and impact merged with our network and experience from building startups and innovation programs will provide a great environment for the startups.
“The program will help them speed up their development and create innovative products and services that truly have a positive effect on people’s lives.”